Deal worth INR 3,000-cr.

Mindspace Business Parks REIT (Mindspace REIT), owner of quality Grade A office assets, located in four key office markets of India, has announced a landmark INR 3,000-cr acquisition of 51 per cent stake in the c. 2.6 million sq. ft. International Tech Park Chennai, Radial Road (ITPC – Radial Road), from AIGP2 Chennai 1 Pte Ltd., a 100 per cent subsidiary of CapitaLand India Growth Fund 2 (CIGF2) and 360 ONE Asset’s real assets funds holding the remaining 49 per cent.

CIGF2 is a development fund by CapitaLand Investment that invests in Grade A business parks in prime locations across India’s gateway cities. ITPC – Radial Road is a newly developed institutional-grade asset located on Pallavaram-Thoraipakkam Road (PTR), one of Chennai’s well-established commercial corridors.

This announcement follows Mindspace REIT’s recent strategic acquisition[1] of Commerzone Pallikaranai, a c. 2.6 million sq. ft. Grade A office asset, also in Chennai’s PTR office corridor, at c. INR 2,541-cr.

Upon completion of both transactions, Mindspace REIT’s total leasable portfolio will increase from c. 39.0 million sq. ft. to c. 44.2 million sq. ft3., and its gross asset value (GAV) shall rise from approximately INR 44,130-cr to INR 48,3214-cr.